Investors continue to pile into the famous hedge against calamity (besides guns).
Bloomberg: Gold rose to a record in London and New York on speculation that a weakening dollar and faster inflation will boost the appeal of precious metals. Platinum and palladium climbed to the highest price in more than a year.
Bullion, which usually moves inversely to the dollar, is on course for a ninth annual gain after the dollar dropped 6.3 per cent this year against a basket of six currencies. Gold reached $1,065.65 an ounce in London, while futures climbed to $1,066.70 in New York, surpassing the previous highs on Oct. 8.
That’s interesting about platinum and palladium, which, though expensive, are not in the same category as gold when it comes to being a form of money. But, they’re not paper that can be printed, and if that’s what’s driving gold (and stocks, and bonds, and everything else) then it would make sense that those surge as well.